Form 8-K SILICON IMAGE INC For: Oct 30

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October 30, 2014 4:15 PM EDT

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�

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section�13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2014

SILICON IMAGE, INC.
(Exact name of Registrant as Specified in its Charter) �
Delaware
(State or Other Jurisdiction of Incorporation)
�	�	�	�	�
�	000-26887	�	77-0396307	�
�	(Commission File Number)	�	(IRS Employer Identification No.)	�

�	�	�
1140 East Arques Ave., Sunnyvale, CA	�	94085
(Address of Principal Executive Offices)	�	(Zip Code)

(408)�616-4000

(Registrants Telephone Number, Including Area Code)

�

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

�	�	Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
�	�	�
�	�	Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)
�	�	�
�	�	Pre-commencement communications pursuant to Rule�14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
�	�	�
�	�	Pre-commencement communications pursuant to Rule�13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

�

ITEM 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The information contained in this Item 2.02 and the exhibit hereto, are being furnished and shall not be deemed to be filed for the purposes of Section 18 of, or otherwise regarded as filed under, the Securities and Exchange Act of 1934, as amended.��The information contained in this report shall not be incorporated by reference into any filing of Silicon Image, Inc. (the Registrant) with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

On October 30, 2014, the Registrant issued a press release announcing its financial results for the quarter ended September 30, 2014, a copy of which is attached hereto as Exhibit 99.01. Also on October 30, 2014, the Registrant will present its financial results for the quarter ended September 30, 2014 in a conference call with investors and analysts (the Conference Call). The Conference Call was pre-announced and will be available to the public through live teleconference. In addition, a replay of the web cast of the Conference Call will be available on the Registrants website until midnight Pacific Time,�November 13, 2014. A supplemental financial information worksheet is available on the Registrants website.

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

�(d)��Exhibits

�

99.01

Press release dated October 30, 2014 announcing the Registrants financial results for the quarter ended September 30, 2014.

�

SIGNATURE

�

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 30, 2014	�	SILICON IMAGE, INC.
�	�	�	�
�	�	By:	/s/ Raymond Cook
�	�	�	Raymond Cook
�	�	�	Chief Financial Officer

�

EXHIBIT INDEX

�

�	�	�
Exhibit Number	�	Description
�	�
99.01	�	Press release dated October 30, 2014 announcing the Registrants financial results for the quarter ended September 30, 2014.

�

Form 8-K

Exhibit 99.01

�

MEDIA CONTACT:

Sherrie Gutierrez

Silicon Image, Inc.

Phone: 408-616-4017

[email protected]

INVESTOR RELATIONS CONTACT:

Alex Chervet

Silicon Image, Inc.

408-616-4153

[email protected]

SILICON IMAGE ANNOUNCES THIRD QUARTER FISCAL 2014 EARNINGS

Plans for Wholly Owned Subsidiaries for 60GHz Wireless and Services Businesses

SUNNYVALE, Calif., October 30, 2014 Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of multimedia connectivity solutions and services, today reported financial results for its third quarter ended September 30, 2014.

Revenue for the third quarter of 2014 was $70.3 million, compared with $59.5 million in the second quarter of 2014 and $79.3 million in the third quarter of 2013.

In the quarter, we saw continued strength in our CE business with year-to-date performance up 38 percent over the same period last year.��We saw a slight recovery in our Mobile business; however, we continue to see weakness in the mobile market as smartphone sales become more competitive among top tier and mid-range vendors, said Camillo Martino, chief executive officer of Silicon Image, Inc. Today we are also announcing plans to create two new subsidiaries to help unlock the value of some of our core assets.

GAAP net income for the third quarter of 2014 was $10.3 million, or $0.13 per diluted share, compared with a GAAP net income of $1.1 million, or $0.01 per diluted share, for the second quarter of 2014 and a GAAP net income of $9.0 million, or $0.11 per diluted share, for the third quarter of 2013.

Non-GAAP net income for the third quarter of 2014 was $8.8 million, or $0.11 per diluted share, compared with a non-GAAP net income of $3.4 million, or $0.04 per diluted share, for the second quarter of 2014, and a non-GAAP net income of $9.2 million, or $0.12 per diluted share, for the third quarter of 2013.��Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, gain from business acquisition, gain from sale of a privately held company investment, other income from prepaid royalty settlement, other than temporary impairment of a privately-held company investment, proceeds from a legal settlement, recovery related to previously written-down inventory, restructuring charges and impairment of intangible assets.

A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.

�

Wholly Owned Subsidiaries

�

Silicon Image today also announces plans to create two wholly owned subsidiaries: one to consolidate all of its 60GHz wireless assets and IP, and the other for its services business. These actions will better facilitate strategic partnerships with 3rd parties, more rapidly grow the respective eco-systems, and provide more transparency starting in 2015.

�

Fourth Quarter Outlook

�

The following are Silicon Images financial performance estimates for the fourth quarter of 2014:

�

�	Revenue:	$61 million to $66 million
�	Gross Margin:	approximately 64%
�	Non-GAAP Operating Expenses:	approximately $35 million
�	Non-GAAP EPS:	$0.05 to $0.08
�	Diluted Shares Outstanding:	approximately 79.2 million

�

Use of Non-GAAP Financial Information

Silicon Image presents and discusses gross margin, operating expenses, net income (loss) and basic and diluted net income (loss) per share in accordance with Generally Accepted Accounting Principles (GAAP), and on a non-GAAP basis for informational purposes only. Silicon Image believes that non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses non-GAAP reporting to supplement its GAAP reporting and internally in evaluating operations, managing and monitoring performance, and determining bonus compensation. Further, Silicon Image uses non-GAAP information as certain non-cash charges such as stock-based compensation expense, amortization of intangible assets, gain from business acquisition,��other income from prepaid royalty settlement, other than temporary impairment of a privately-held company investment, recovery related to previously written-down inventory, restructuring charges and impairment of intangible assets which do not reflect the cash operating results of the business. Silicon image also excludes certain items that are unusual and one-time events such as business acquisition related expenses, gain from sale of a privately held company investment and proceeds from a legal settlement. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of its operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

�

Conference Call

Silicon Image will host an investor conference call today to discuss its third quarter of 2014 results at 2:00 p.m. Pacific Time and will webcast the event.��To access the conference call, dial 888-428-9490 or 719-325-2455 and enter pass code 8005803.��The webcast and replay will be accessible on Silicon Image's investor relations website at�http://www.SiliconImage.com.�A replay of the conference call will be available within two hours of the conclusion of the conference call through November 13, 2014.��To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 8005803.

About Silicon Image, Inc.

Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia connectivity solutions and services for mobile, consumer electronics and PC markets.��Silicon Images semiconductor and intellectual property products feature wireless and wired technologies that deliver connectivity across a wide array of devices in the home, office and on the go.��Silicon Image has driven the creation of the industry standards HDMI�, DVI", MHL� and WirelessHD�, and offers manufacturers comprehensive standards interoperability and compliance testing services via its wholly-owned subsidiary, Simplay Labs.��For more information, visit http://www.siliconimage.com/.

�

Silicon Image�and the�Silicon Image�logo are trademarks, registered trademarks or service marks of�Silicon Image, Inc.�in�the United States and/or other countries.All other trademarks and registered trademarks are the property of their respective owners in�the United States and/or other countries.[Missing Graphic Reference]

�

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's future operating results, including revenue, gross margin, operating expenses, tax rates, company growth, progress and stock repurchases. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, Silicon Image's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the U.S. Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and 10-Q filed by Silicon Image with the SEC. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.

�

SILICON IMAGE, INC.

�

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

�

(In thousands, except per share amounts)

�

Unaudited

�

Three Months Ended

�

Nine�Months Ended

�

September 30, 2014

�

June 30, 2014

�

September 30, 2013

�

September 30, 2014

�

September 30, 2013

�

Revenue:

�

Product

�

56,003

�

50,938

�

66,337

�

153,707

�

180,359

�

Licensing

�

14,325

�

8,598

�

12,974

�

37,718

�

34,670

�

Total revenue

�

70,328

�

59,536

�

79,311

�

191,425

�

215,029

�

Cost of revenue and operating expenses:

�

Cost of product revenue (1)(2)

�

27,760

�

24,814

�

33,222

�

77,369

�

90,043

�

Cost of licensing revenue

�

185

�

614

�

Research and development (3)

�

17,772

�

17,416

�

18,424

�

52,145

�

57,207

�

Selling, general and administrative (4)

�

15,101

�

15,166

�

16,191

�

47,132

�

48,690

�

Amortization and impairment of acquisition-related intangible assets

�

1,168

�

510

�

405

�

1,886

�

886

�

Restructuring expense (recoveries) (5)

�

(463

)

�

113

�

483

�

(221

)

�

476

�

Total cost of revenue and operating expenses

�

61,348

�

58,019

�

68,910

�

178,341

�

197,916

�

Income from operations

�

8,980

�

1,517

�

10,401

�

13,084

�

17,113

�

Gain from sale of a privately held company investment

�

4,071

�

4,071

�

Proceeds from a legal settlement

�

1,275

�

Other than temporary impairment of a privately held company investment

�

(1,500

)

Interest income and other, net

�

260

�

1,043

�

168

�

1,321

�

1,059

�

Income before provision for income taxes and equity in net loss of an unconsolidated affiliate

�

13,311

�

2,560

�

10,569

�

18,476

�

17,947

�

Income tax expense

�

3,013

�

1,487

�

1,488

�

7,054

�

5,118

�

Equity in net loss of an unconsolidated affiliate

�

116

�

150

�

375

�

Net income

�

10,298

�

1,073

�

8,965

�

11,272

�

12,454

�

Net income per share basic

�

0.13

�

0.01

�

0.12

�

0.14

�

0.16

�

Net income per share diluted

�

0.13

�

0.01

�

0.11

�

0.14

�

0.16

�

Weighted average shares basic

�

78,297

�

78,150

�

77,530

�

78,103

�

77,399

�

Weighted average shares diluted

�

79,670

�

79,988

�

78,995

�

79,996

�

78,783

�

(1) Includes amortization of acquisition-related intangible assets

�

225

�

225

�

250

�

675

�

500

�

(2) Includes stock-based compensation expense

�

154

�

148

�

163

�

475

�

451

�

(3) Includes stock-based compensation expense

�

845

�

792

�

879

�

2,550

�

2,724

�

(4) Includes stock-based compensation expense

�

1,355

�

1,344

�

1,440

�

4,650

�

4,649

�

(5) Includes stock-based compensation expense

�

126

�

SILICON IMAGE, INC.

�

GAAP NET INCOME TO NON-GAAP NET INCOME RECONCILIATION

�

(In thousands, except per share amounts)

�

Unaudited

�

Three Months Ended

�

Nine�Months Ended

�

September 30, 2014

�

June 30, 2014

�

September 30, 2013

�

September 30, 2014

�

September 30, 2013

�

GAAP net income

�

10,298

�

1,073

�

8,965

�

11,272

�

12,454

�

Non-GAAP adjustments:

�

Stock-based compensation expense (1)

�

2,406

�

2,328

�

2,482

�

7,801

�

7,824

�

Amortization of intangible assets (2)

�

917

�

735

�

480

�

2,085

�

1,461

�

Amortization of intangible assets of an unconsolidated affiliate (2)

�

128

�

Strategic initiative and acquisition related expenses (2)

�

138

�

138

�

Gain from business acquisition (2)

�

(361

)

�

(361

)

�

Gain from sale of a privately held company investment (2)

�

(4,071

)

�

(4,071

)

�

Other than temporary impairment of a privately held company investment (3)

�

1,500

�

Other income from prepaid royalty settlement (3)

�

(639

)

�

(639

)

�

Proceeds from a legal settlement (3)

�

(1,275

)

Recovery related to previously written-down inventory (3)

�

(960

)

�

(960

)

Restructuring expense (recoveries) (3)

�

(515

)

�

483

�

(347

)

�

476

�

Impairment of intangible assets (3)

�

476

�

175

�

476

�

175

�

Non-GAAP net income before tax adjustments

�

9,511

�

3,343

�

11,677

�

16,394

�

21,783

�

Tax adjustments (4)

�

(744

)

�

(2,462

)

�

(2,953

)

Non-GAAP net income

�

8,767

�

3,381

�

9,215

�

16,414

�

18,830

�

Non-GAAP net income per share basic

�

0.11

�

0.04

�

0.12

�

0.21

�

0.24

�

Non-GAAP net income per share diluted

�

0.11

�

0.04

�

0.12

�

0.21

�

0.24

�

Weighted average shares basic

�

78,297

�

78,150

�

77,530

�

78,103

�

77,399

�

Weighted average shares diluted

�

79,670

�

79,988

�

78,995

�

79,996

�

78,783

�

Stock-based compensation expense is composed of the following:

�

Cost of revenue

�

154

�

148

�

163

�

475

�

451

�

Research and development

�

845

�

792

�

879

�

2,550

�

2,724

�

Selling, general and administrative

�

1,355

�

1,344

�

1,440

�

4,650

�

4,649

�

Restructuring expense

�

126

�

Total

�

2,406

�

2,328

�

2,482

�

7,801

�

7,824

�

Discussion of Non-GAAP Financial Measures

(1)��

Stock-Based Compensation Related Items: Stock-based compensation expense relates primarily to equity awards, such as stock options and restricted stock units. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As such, management excludes this item from our internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation expense provide investors with a basis to measure our core performance against the performance of other companies without the variability created by stock-based compensation expense as a result of the variety of equity awards used by companies and the varying methodologies and subjective assumptions used in determining such non-cash expense.

(2)��

Strategic Initiative and Acquisition Related Items: We exclude certain expense items resulting from our strategic initiative and acquisitions including the following, when applicable: (i) amortization of purchased intangible assets associated with our acquisitions; or relating to our unconsolidated affiliate, (ii) strategic initiative and acquisition-related charges, (iii) gain from business acquisition and (iv) gain from sale of a privately held company investment. The amortization of purchased intangible assets associated with our acquisitions results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, our strategic initiatives and acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. In the second quarter of fiscal 2014, we finalized the acquisition of the remaining ownership interest in UpdateLogic, Inc., resulting in acquisition-related charges and gain from business acquisition. In the third quarter of fiscal 2014, we finalized the sale of our minority interest in a privately held company to another entity resulting in a gain.

We do not expect expenses of similar nature to be paid or gain of similar nature to be received in our normal course of business and consider it infrequent and non-recurring. We believe that providing non-GAAP information for strategic initiatives and acquisition-related expense items, gain from business acquisition and gain from sale of a privately held company investment in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.

(3)��

Other Items: We exclude certain other items that are the result of either unique or unplanned events including the following, when applicable: (i) other than temporary impairment of a privately held company investment, (ii) other income from prepaid royalty settlement, (iii) proceeds from a legal settlement, (iv) recovery related to previously written-down inventory, (v) restructuring and related costs and (vi) impairment of intangible assets. It is difficult to estimate the amount or timing of these items in advance. Other than temporary impairment of a privately held company investment was recorded due to the conclusion that the possibility is remote that we will exercise our warrants to purchase the entitys preferred stock or that we will realize any other value from these investments. Other income from prepaid royalty settlement relates to the termination of an HDMI rebate agreement with one of the HDMI adopters. Proceeds from a legal settlement relates to our acquisition of SiBEAM, Inc. on May 16, 2011. We do not expect other income or proceeds of similar nature to be recognized or received in our normal course of business and consider it infrequent and non-recurring. We entered into a settlement with a vendor and received a recovery related to previously written-down inventory. Restructuring charges result from events which arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. We recognized impairment of an intangible asset because the sum of its estimated future undiscounted cash flows used to test for recoverability is less than its carrying value. Although�these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. We assess our operating performance both with these amounts included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.

(4)��

Tax adjustments: For the three and nine months ended September 30, 2014 and September 30, 2013 and the three months ended June 30, 2014, our non-GAAP tax rate was approximately 30% of non-GAAP pre-tax income. Non-GAAP tax rate is primarily based on net expected cash flow for income taxes.

�

SILICON IMAGE, INC.								�
CONDENSED CONSOLIDATED BALANCE SHEETS								�
(In thousands)								�
Unaudited								�
�	�	�		�	�	�		�
�	�	�		�	�	�		�
�	�	September 30, 2014		�	�	December 31, 2013		�
ASSETS	�	�		�	�	�		�
Current Assets:	�	�		�	�	�		�
Cash and cash equivalents	�	$	102,542	�	�	$	82,220	�
Short-term investments	�	�	45,938	�	�	�	56,003	�
Accounts receivable, net	�	�	34,016	�	�	�	34,729	�
Inventories	�	�	18,912	�	�	�	11,727	�
Prepaid expenses and other current assets	�	�	4,703	�	�	�	7,733	�
Deferred income taxes	�	�	459	�	�	�	191	�
Total current assets	�	�	206,570	�	�	�	192,603	�
Property and equipment, net	�	�	15,257	�	�	�	14,676	�
Deferred income taxes, non-current	�	�	-	�	�	�	4,368	�
Intangible assets, net	�	�	16,543	�	�	�	10,348	�
Goodwill	�	�	30,333	�	�	�	21,646	�
Other assets	�	�	3,026	�	�	�	8,498	�
Total assets	�	$	271,729	�	�	$	252,139	�
�	�	�	�	�	�	�	�	�
LIABILITIES AND STOCKHOLDERS' EQUITY	�	�	�	�	�	�	�	�
Current Liabilities:	�	�	�	�	�	�	�	�
Accounts payable	�	$	9,282	�	�	$	12,894	�
Accrued and other current liabilities	�	�	27,823	�	�	�	20,622	�
Deferred margin on sales to distributors	�	�	10,099	�	�	�	9,634	�
Deferred license revenue	�	�	2,716	�	�	�	2,742	�
Total current liabilities	�	�	49,920	�	�	�	45,892	�
Other long-term liabilities	�	�	14,740	�	�	�	16,522	�
Total liabilities	�	�	64,660	�	�	�	62,414	�
Stockholders equity	�	�	207,069	�	�	�	189,725	�
Total liabilities and stockholders equity	�	$	271,729	�	�	$	252,139	�

�

SILICON IMAGE, INC.								�
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS								�
(In thousands)								�
Unaudited								�
�	�	�		�	�	�		�
�	�	Nine Months Ended September 30,						�
�	�	2014		�	�	2013		�
Cash flows from operating activities:	�	�		�	�	�		�
Net income	�	$	11,272	�	�	$	12,454	�
Adjustments to reconcile net income to cash provided by operating activities:	�	�	�	�	�	�	�	�
Depreciation	�	�	4,592	�	�	�	4,699	�
Stock-based compensation expense	�	�	7,801	�	�	�	7,824	�
Amortization of investment premium	�	�	678	�	�	�	805	�
Tax benefits from employee stock-based transactions	�	�	148	�	�	�	345	�
Other than temporary impairment of a privately held company investment	�	�	-	�	�	�	1,500	�
Amortization and impairment of intangible assets	�	�	3,506	�	�	�	2,354	�
Non-operating proceeds from a legal settlement	�	�	-	�	�	�	(1,275	)
Gain from business acquisition	�	�	(361	)	�	�	-	�
Deferred income taxes	�	�	(268	)	�	�	-	�
Excess tax benefits from employee stock-based transactions	�	�	(148	)	�	�	(345	)
Realized gain on sale of short-term investments	�	�	-	�	�	�	(144	)
Equity in net loss of unconsolidated affiliate	�	�	150	�	�	�	375	�
Others	�	�	115	�	�	�	553	�
Changes in assets and liabilities, net of effect of an acquisition:	�	�	�	�	�	�	�	�
Accounts receivable	�	�	1,025	�	�	�	(4,126	)
Inventories	�	�	(7,185	)	�	�	(2,733	)
Prepaid expenses and other assets	�	�	(964	)	�	�	(189	)
Accounts payable	�	�	(3,292	)	�	�	8,168	�
Accrued and other liabilities	�	�	7,708	�	�	�	853	�
Deferred margin on sales to distributors	�	�	465	�	�	�	436	�
Deferred license revenue	�	�	(1,006	)	�	�	(95	)
Cash provided by operating activities	�	�	24,236	�	�	�	31,459	�
Cash flows from investing activities:	�	�	�	�	�	�	�	�
Proceeds from sales of short-term investments	�	�	20,767	�	�	�	56,829	�
Purchases of short-term investments	�	�	(11,420	)	�	�	(33,770	)
Cash used in business acquisition, net of cash acquired	�	�	(13,464	)	�	�	-	�
Purchases of property and equipment	�	�	(5,564	)	�	�	(4,075	)
Proceeds from sale of a privately held company investment	�	�	7,571	�	�	�	-	�
Proceeds from a legal settlement	�	�	-	�	�	�	1,275	�
Investment in a privately held company	�	�	-	�	�	�	(1,500	)
Cash paid for assets purchased from a privately held company	�	�	-	�	�	�	(300	)
Purchase of intellectual properties	�	�	(115	)	�	�	(1,891	)
Other	�	�	-	�	�	�	103	�
Cash��provided by (used in) investing activities	�	�	(2,225	)	�	�	16,671	�
Cash flows from financing activities:	�	�	�	�	�	�	�	�
Proceeds from employee stock program	�	�	5,546	�	�	�	5,375	�
Excess tax benefits from employee stock-based transactions	�	�	148	�	�	�	345	�
Repurchase of restricted stock units for income tax withholding	�	�	(1,568	)	�	�	(1,905	)
Payment to acquire treasure shares	�	�	(5,793	)	�	�	(1,383	)
Cash paid to settle contingent consideration liabilities	�	�	(27	)	�	�	(81	)
Cash provided by (used in) financing activities	�	�	(1,694	)	�	�	2,351	�
Effect of exchange rate changes on cash and cash equivalents	�	�	5	�	�	�	(267	)
Net increase in cash and cash equivalents	�	�	20,322	�	�	�	50,214	�
Cash and cash equivalents beginning of period	�	�	82,220	�	�	�	29,069	�
Cash and cash equivalents end of period	�	$	102,542	�	�	$	79,283	�
Supplemental cash flow information:	�	�	�	�	�	�	�	�
Cash payment for income taxes	�	$	(5,105	)	�	$	(4,681	)
Restricted stock units vested	�	$	4,563	�	�	$	5,401	�
Property and equipment and other assets purchased but not paid for	�	$	478	�	�	$	416	�
Unrealized loss on short-term investments	�	$	(4	)	�	$	(413	)

�

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Form 8-K SILICON IMAGE INC For: Oct 30

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